What is the total amount that consumers now pay for the new equilibrium quantity of vaccinations?
Q 4). The flu vaccination market has the demand and supply curves given by the following data. (All Show more Q 4). The flu vaccination market has the demand and supply curves given by the following data. (All quantities are in thousands.)The flu vaccination market has the demand and supply curves given by the following data. (All quantities are in thousands.) Price per vaccination $10 $15 $20 $25 $30 Quantity demanded 90 80 70 60 50 Quantity supplied 50 60 70 80 90 Plot the demand and supply curves and determine the equilibrium price and quantity. Show the areas of consumer and producer surplus. Now suppose that each vaccination given generates an external benefit as those who do not get vaccinated are less likely to get the flu when others do get vaccinated. As a result suppliers receive a $10 subsidy from the government for each vaccine. For example if consumers pay $10 per vaccination suppliers receive $20 so only $10 from consumers is required to induce suppliers to offer 70000 vaccinations per month. Plot the new supply curve. Determine the new equilibrium price and quantity. Does the price fall by the full amount of the subsidy? If not explain why. What is the total amount that consumers now pay for the new equilibrium quantity of vaccinations? total subsidy that suppliers receive from the government at the new equilibrium quantity of vaccinations? Q 5) The table below shows the total cost of cleaning classrooms: ClassrooWhat is the ms cleaned per evening 0 3 7 12 16 17 Total cost $100 $200 $300 $400 $500 $600 What is the average fixed cost of cleaning three classrooms? What is the average variable cost of cleaning three classrooms? What is the average fixed cost of cleaning seven classrooms? What is the average variable cost of cleaning seven classrooms? What is the marginal cost of cleaning the seventeenth classroom? What is the average total cost of cleaning twelve classrooms? Q 6) Suppose a rise in fuel costs increases the cost of producing oats by $0.50 per bushel. Illustrate graphically how this change will affect the oat market and a single firm in the market in the short run and in the long run. Show less